Mr James said adviser Michael Rosenbaum made a tearful confession about his fraudulent behaviour.

According to Mr James, that confession was: "'I've been trading out of my father's account illegally … my life's destroyed. I found out that Cleveland was a worthless piece of shit and I got all my family out of the stock'.

"He [Mr Rosenbaum] made a full admission to me," Mr James said.

Mr James funded a three-and-a-half-year investigation and has spoken to several hundred people.

But he has put court proceedings on hold, hopeful that this inquiry and the imminent banking royal commission will force answers.

"I'm David, they're Goliath," he said.

Mr James went on to accuse members of the company of "using drugs, abusing women … the whole the cowboy thing".

The royal commission begins public hearings next month — on a similar consumer protection topic as this inquiry.